Real Estate Database Power: Construction, Enrichment, and Activation

database❓ as a Strategic Inventory: The value of a database lies in its quality and the potential to convert relationships into successful deals.

Relationship Value (RV):
RV = (L * CR * AS) * CLV

• L: Number of leads.
• CR: Conversion Rate (leads to clients).
• AS: Average Sale.
• CLV: Customer Lifetime Value.

Increasing any of these factors increases database value.

Data as Asset: Similar to medical or legal practices, real estate databases hold value in contact information and relationships.

Data Sources:

• Mets: People you already know.
• Haven’t Mets: People you haven’t interacted with yet.

Contact Classification:

• General Public
• Target Group
• Network
• Allied Resources
• Advocates
• Core Advocates

CAMP 4:4:3 Model:

• C: collect 10 business cards❓❓ daily.
• A: After 200 working days, you’ll have 2000 contacts.
• M: 20% of your database can lead to 80% of your business.
• P: Continuously move contacts to become core advocates.

Pareto Principle (80/20 Rule): 80% of results come from 20% of causes. Focus on building strong❓ relationships with the core 20%.

Database Building Tools:

1. 3 x 5 Index Cards
2. Electronic Spreadsheet
3. Personal Information Manager
4. Database Management System
5. Contact Management System

The best tool is the one you will actually use consistently.

Essential Data:

1. Name
2. Home Address
3. Home Phone Number
4. Email Address
5. Business Card

FORD Model:

1. Buyer or Seller
2. Their Urgency
3. Their Spouse’s Name
4. Their Personality Profile
5. Their Birthday
6. Their Hobbies/Interests
7. Children

F - Family
O - Occupation
R - Recreation
D - Dreams

Data Updates:

• Adding contacts
• When to enter contacts
• Updating contact info
• Contact history

Data Analysis: Identify trends and patterns to target high-value leads.

Customer Segmentation: Divide your database into groups based on shared characteristics to create targeted marketing campaigns.

Systematic Communication:

• 8 × 8 Marketing Plan – Strengthen relationship in eight weeks.
• 12 Direct Mail – Market one time per month to create new relationships.
• 33 touch❓ – Maintain the relationship over a one-year cycle.

Specialized Communications: Tailor systematic marketing plans (Geographic/Niche).

Law of Repetition: Strategically repeat marketing messages to increase brand awareness. Balance repetition to avoid annoying leads.

Measurement & Improvement: Track marketing campaign results and analyze data to improve future strategies.